Core Viewpoint - The company has provided a guarantee of up to $36 million for its wholly-owned subsidiary, Sino-Platinum Metals (Singapore) Pte. Ltd., to support its hedging business and supplement working capital [2][11]. Group 1: Guarantee Details - The guarantee amount provided is up to $36 million, replacing a previous guarantee of 100 million RMB and $6 million [2]. - As of the announcement date, the total guarantee balance provided to the subsidiary is 182.44 million RMB, which includes the current guarantee amount [2][13]. - There is no counter-guarantee as the subsidiary is wholly owned by the company [3]. Group 2: Subsidiary Information - Sino-Platinum Metals (Singapore) Pte. Ltd. was established on December 27, 2018, with a registered capital of $15 million [6]. - The subsidiary's total assets as of December 31, 2024, are approximately $41.44 million, with net assets of about $22.27 million and a total profit of approximately $3.83 million for the year [7]. Group 3: Guarantee Contract Terms - The guarantee contract was signed on January 14, 2026, and the guarantee period is three years from the maturity of the guaranteed debt [9][10]. - The guarantee covers all current and future debts of the subsidiary to the bank, including principal, interest, and associated costs [9]. Group 4: Board Approval and Risk Assessment - The guarantee was approved by the company's board and the 2024 annual general meeting, falling within the authorized limits [12]. - The company assesses the risk of this guarantee as controllable, given the subsidiary's status as a wholly-owned entity [11].

Group 1 - Silver prices have surged, reaching historical highs, with prices exceeding $90 per ounce and a gold-silver ratio dropping to 50.57, the lowest in 13 years [3][4][8] - Since early 2025, silver has outperformed gold, with price increases of 190% for silver compared to 75% for gold, indicating a significant shift in market dynamics [3][4] - The historical relationship between the gold-silver ratio and the U.S. PMI has been disrupted, as the PMI remains below the growth threshold while the gold-silver ratio has sharply declined [14][19] Group 2 - The recent surge in silver prices is attributed to a combination of supply chain dynamics and increased industrial demand, particularly in sectors like solar energy and electronics [19][34] - The global silver inventory has been significantly affected by geopolitical factors, including tariff expectations, leading to a dramatic shift in silver stockpiles between regions [21][22] - Industrial demand for silver, especially in photovoltaic applications, is projected to continue growing, further straining available inventories and supporting higher prices [35][34] Group 3 - Historical patterns suggest that during bull markets, silver typically follows gold, but the current market conditions indicate a potential deviation from this trend [39][41] - Analysts predict that the gold-silver ratio may stabilize within a range of 40 to 80, reflecting ongoing market adjustments and potential price volatility for silver [41][40] - The current economic environment, characterized by inflation and geopolitical tensions, mirrors conditions from the 1970s, suggesting that silver and gold may continue to see upward price pressure [42][44]

Investment Rating - The report does not explicitly provide an investment rating for the precious metals industry. Core Insights - The relationship between ETF "lock-in" mechanisms and market trends indicates that while ETFs have evolved into structural amplifiers of precious metal prices, they are not the primary drivers of current gold and silver prices. Instead, macroeconomic factors such as interest rates and central bank purchases play a more significant role [4][7][24]. Summary by Sections ETF Lock-in Mechanism - The ETF lock-in mechanism has transitioned from being a price follower to a structural amplifier of precious metal market trends. Prior to 2022, there was a strong correlation between gold ETF holdings and gold prices, but this relationship has weakened significantly since then [7][15][24]. - For silver and platinum, the impact of ETF lock-in on market dynamics is more pronounced, particularly in creating conditions for "short squeezes" due to tight physical supply [7][26][34]. Empirical Analysis - The correlation between daily changes in ETF holdings and price movements for gold and silver is generally weak, indicating that macroeconomic factors and futures market dynamics are more influential in short-term price movements [8][41][46]. - Historical data shows that during periods of low inventory and high ETF lock-in, price volatility can be significantly amplified, particularly for silver [8][51][79]. Market Dynamics - In the medium to long term, the inflow of funds into ETFs, combined with central bank purchases and declining interest rates, is expected to shift the demand curve for gold to the right, thereby raising the price equilibrium [4][94]. - For silver, the combination of ETF lock-in, industrial demand, and regional inventory mismatches is likely to amplify the price effects of a tight fundamental balance [4][94]. Future Market Outlook - The report suggests that the ETF lock-in is not the starting point for market trends but can significantly amplify tail-end price movements during extreme market conditions [94][100]. - Strategies for investment should focus on monitoring total holdings and net inflows/outflows to gauge future price movements, particularly in the context of gold and silver [100][102].

1、央行：下调各类结构性货币政策工具利率0.25个百分点 人民银行新闻发言人、副行长邹澜1月15日在国新办新闻发布会上表示，下调各类结构性货币政策 工具利率0.25个百分点，各类再贷款一年期利率降至1.25%，其他期限档次利率同步调整。完善结构性 工具并加大支持力度，进一步助力经济结构转型优化。 2、中国人民银行决定下调再贷款、再贴现利率 为更好发挥结构性货币政策工具的激励作用，引导金融机构加大对重大战略、重点领域和薄弱环节 的支持力度，中国人民银行决定：自2026年1月19日起，下调再贷款、再贴现利率0.25个百分点。下调 后，3个月、6个月和1年期支农支小再贷款利率分别为0.95%、1.15%和1.25%，再贴现利率为1.5%，抵 押补充贷款利率为1.75%，专项结构性货币政策工具利率为1.25%。 3、中国人民银行新闻发言人、副行长邹澜：人民银行将先行推出两方面政策措施 根据当前经济金融形势需要，人民银行将先行推出两方面政策措施。一方面是下调各类结构性货币 政策工具利率，提高银行重点领域信贷投放的积极性。另一方面是完善结构性工具并加大支持力度，进 一步助力经济结构转型优化。具体包括以下几项：一是下调各类 ...

行业周报 | 有色金属 有色板块集体走强，聚焦美联储领导层更迭后续影响 有色金属行业周报（2026.1.5-2026.1.11） 核心结论 本周核心关注一：美国 12 月非农新增 5 万，失业率降至 4.4% 1 月 9 日，美国劳工统计局（BLS）公布数据，美国 12 月季调后非农就业人 口增加 5 万人，低于市场预期 6 万人，前值由 6.4 万人修正为 5.6 万人；美 国 12 月失业率录得 4.4%，略低于市场预期 4.5%，前值由 4.6%修正为 4.5%。 本周核心关注二：25 年 12 月国内 CPI 创近两年新高，PPI 降幅收窄 2026 年 1 月 9 日，国家统计局发布 2025 年 12 月核心物价数据：全国居民 消费价格指数（CPI）同比上涨 0.8%，环比由降转涨至 0.2%，同比涨幅回 升至 2023 年 3 月以来最高水平；工业生产者出厂价格指数（PPI）环比连续 3 个月上涨，同比降幅收窄至 1.9%。 本周核心关注三：特朗普或于本月敲定下一任美联储主席人选 贝森特在明尼苏达州经济俱乐部发表讲话后接受提问时称，特朗普计划出席 1 月 19 日至 23 日在瑞士举行的世界经济 ...

沪深股通今日合计成交3554.78亿，其中紫金矿业和中际旭创分居沪股通和深股通个股成交额首位。板 块主力资金方面，电子板块主力资金净流入居首。ETF成交方面，中证500ETF（510500）成交超263 亿，创历史天量。期指持仓方面，四大期指主力合约多头减仓幅度大于空头。 龙虎榜方面，商业航天概念遭重挫，人气股金风科技跌停，两家一线游资（中国银河大连黄河路、国元 证券上海虹桥路）合计卖出3.84亿。机构逆势加仓多只AI应用概念股，其中省广集团获四家机构买入 4.94亿，盘中创新高的三维通信获两家机构买入2.79亿，通达海获四家机构买入1.02亿。 一、沪深股通前十大成交 今日沪股通总成交金额为1510.44亿，深股通总成交金额为2044.34亿。 | | 沪股運( | 1月15日 | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 601899 | 紫金矿业 | 30.76 | | 2 | 666809 | 洛阳铝业 | 17.73 | | 3 | 600519 | 贵州茅台 | 14.77 | | 4 | 603986 | ...

Core Viewpoint - U.S. stock futures exhibited mixed performance, while oil benchmarks and precious metals experienced declines following Trump's statement regarding Iran ceasing its actions against protesters [1] Group 1: Market Reactions - U.S. stock futures showed a mixed trend, indicating varied investor sentiment in the market [1] - Oil benchmarks fell, reflecting potential concerns over geopolitical stability and its impact on oil supply [1] - Precious metals also declined, suggesting a shift in investor preference possibly due to changing risk perceptions [1]

Core Viewpoint - The market's concerns over potential tariffs on silver, platinum, and palladium by the U.S. have eased following Trump's announcement of negotiations for bilateral agreements to ensure a sufficient supply of critical minerals [1][4]. Group 1: Market Reactions and Trends - Metal prices, including silver and gold, surged due to geopolitical uncertainties, supply issues, and tariff concerns, leading to new highs for copper and tin [1][4]. - The gold-silver ratio has fallen below 50 for the first time since March 2012, indicating a significant market shift, as historical trends suggest that such a drop often leads to either a rise in gold prices or a decline in silver prices [1][4]. - The CME has tightened risk controls by changing the margin calculation method for gold, silver, platinum, and palladium from a fixed dollar amount to a nominal value percentage, which will dynamically adjust with contract value fluctuations [1][4]. Group 2: Industry Insights and Future Outlook - The tightening of margin requirements has increased the cost of high-leverage speculation, leading some traders to reduce their positions, which may help temper overheated market sentiments [5]. - Despite short-term volatility, industry experts believe that the upward trend in metal prices is likely to continue, with precious and non-ferrous metals expected to experience more upward movements than downward [5]. - Factors supporting a potential rise in gold prices include continued purchases by central banks, the Fed entering a rate-cutting cycle, and the erosion of dollar credit due to U.S. fiscal debt issues [5]. - For silver, industrial demand from sectors like photovoltaics, electric vehicles, and AI data centers is expected to grow, while supply constraints and export controls may keep the market in a tight balance, suggesting continued upward momentum for silver prices [5].

证券之星消息，1月15日贵金属板块较上一交易日上涨1.95%，四川黄金领涨。当日上证指数报收于 4112.6，下跌0.33%。深证成指报收于14306.73，上涨0.41%。贵金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 001337 | 四川黄金 | 34.64 | 10.00% | 22.09万 | | 7.36 Z | | 002716 | 湖南白银 | 10.54 | 6.25% | 593.85万 | | 62.10亿 | | 000506 | 招金黄金 | 14.80 | 3.35% | 57.60万 | | 8.52亿 | | 300139 | 晓程科技 | 39.31 | 3.15% | 56.20万 | | 22.46亿 | | 600547 | 山东黄金 | 47.46 | 2.39% | 56.70万 | | 26.90亿 | | 002237 | 恒邦股份 | 14.95 | 2.26% | 70.96万 | | 10.60亿 ...

此前，英伟达凭仗人工智能概念股热潮，一直在全球金融商场占据领先地位。但长时间被视为传统避险 财物的白银，依托贵金属特点与工业实用价值的双重加持，上演了一场出人意料的逆袭。 从前史上看，黄金一直是这两种贵金属中价值更高的品种，在金融与贸易领域常被奉为 "金本位"的标 杆。然而，跟着商场趋势与工业需求的转变，白银的价值正在被挖掘。 周三，今年势不行当的白银期货价格再次大涨，连续霸占90-93共四个整数关口。过去五年间，白银价 格稳步攀升，2025年敞开的这轮涨势尤为引人注目，区间累计涨幅已逾越200%。 在持续通胀、美元走弱、各国央行需求上升以及出资者在经济不确认性中寻求避险财物等多重要素的一 起效果下，大量资金正涌入白银商场。那么，白银何时能够跨过近在咫尺的100美元呢？ 前史性逾越 据企业市值数据渠道companiesmarketcap 显示，持续创下前史新高的白银，在周三市值打破5万亿美 元，逾越英伟达成功跻身全球价值第二高的财物，仅次于黄金。 不少商场人士表示，从前史背景来看，白银价格达到每盎司100美元是能够完成的。 "如果计入通胀要素，1980年的白银价格峰值换算成现在的价值，将近每盎司200美元，" ...